There are so many specialty insurances out there. It’s hard to know ahead of times which ones you might eventually need. Let’s take a look at three insurances – Cyber Insurance, Errors & Omissions Insurance, and Kidnap & Ransom Insurance.
With technology comes the risks of using technology. That’s where cyber insurance comes in. Cyber insurance is used to protect businesses and individual users from some risks that come with using the Internet. Many things that could happen online would not be covered by general liability policies as they are not outlined in detail in those policies.
Cyber insurance would cover things such as data destruction, extortion, theft, hacking, and denial of service attacks. If you have an online business or do a lot of things online (which could include gaming where a lot of her data and personal information is out there) this insurance might be a good idea for you.
Errors and Omissions Insurance
This insurance is designed for businesses to cover themselves against possible claims of negligence or failing to perform professional duties. Errors and omissions insurance is also known by the name professional liability coverage. It is coverage that is designed to protect you and your business.
Errors and omissions insurance will cover things such as defense costs, alleged or actual negligence, temporary staff and independent contractors, claims that come up from services previously provided, claims and damages, personal injury, and copyright infringement. If you own a business this insurance is important to protect yourself, your business, and all of your personal assets.
Kidnap and Ransom Insurance
This is an insurance you’ll hope you never need. Unfortunately sometimes we do and it will give you piece of mind knowing that you have the coverage. Kidnap and ransom insurance usually covers money paid to kidnappers or extortionists, loss of ransom in transit, and other expenses that might incur after a kidnapping.
You may think this is insurance you will never need, but think about it. Someone could have a grudge against you, your company, or your employees. Someone might want information about your company or business. This insurance would help you handle that stressful situation a little better knowing that you have the insurance to cover such an event.
These are just three of the many specialty insurances that are available. Do you still have questions about cyber insurance, errors and omissions insurance, or kidney and ransom insurance? We can help! Contact us today and we can help you decide which insurance is right for you!